Posted by ME/NJ on 7/16/08 6:44pm
Msg #255515

Loan Mods -going rate

I was called about a loan mod yesterday and missed out on it. The rate offered was kinda on the lower side of things, but they said it was only 4-5 pages. My problem is by the time I drive my daughter to the sitter, pay her and gas I lose money with the rate they offer.

Should I charge what I do medical record run for (40-50)?

Reply by Sylvia_FL on 7/16/08 6:48pm
Msg #255516

Just did one today. There were 2 Mod agreements that needed notarized and 2 LPOA's plus another couple of docs that the borrower had to sign. (I have done them where there was only 1 Mod agreement and 1 LPOA that needed notarizing). All of the mods I have done have been very small packages. Hope this helps.

Reply by WDMD on 7/16/08 6:50pm
Msg #255517

" My problem is by the time I drive my daughter to the sitter, pay her and gas I lose money with the rate they offer.

Should I charge what I do medical record run for (40-50)? "


I would think you want to make a profit. What fee makes it feasable? I know in my case, if I am going to tie up my time I want to make it worthwhile, otherwise they can find someone else. I could care less how many pages it is, if it is tying up my schedule I want to be paid.

Reply by Linda_H/FL on 7/16/08 6:57pm
Msg #255519

We modified our own mortgage last year when we paid down

a large chunk of the principal...Wells Fargo sent us the modification - it was two pages...we took it to a notary....

IMO $40-$50 for two pages/one notarization (2 max), driving to the signers is fair - any more notarizations and I may ask for more but not much. They're too quick and easy to command a much higher rate. Should note I'd limit this type of work to my home county only - anything outside that area just isn't feasible.

MHO

Reply by Les_CO on 7/16/08 8:47pm
Msg #255534

For me, If it's close $50.

Reply by NCLisa on 7/16/08 8:51pm
Msg #255536

I've done several, and they always gave me 3 to 5 days to get them done in. I'd normally fit them in with a signing in the same area. It takes longer to write their info in the notary journal, than for the actual signing. Not usually more than a 10 page package with about 4 sigs. The average is $50 to $75 around here.

Reply by ME/NJ on 7/16/08 10:48pm
Msg #255542

Thank you for the replies, figured if I charged about the same rate as a medical record run it would be fair.

The offer was low (I thought) and someone in my area took the low offer.

Reply by Maureen_nh on 7/17/08 7:00am
Msg #255551

They are offering 35-40 in this area and I only do them close. The main problem is tieing the borrowers down, they don't seem to give them high priority.
Fortunately I don't have a sitter problem anymore, but wonder if those that do claim these expenses against your profit.

Reply by Julie/MI on 7/17/08 9:47am
Msg #255566

ME/NJ I simply don't know how you do it.

I have a 15 month old and DH is off for the summer so I have a built in sitter. I also have my mother a few miles away.

My other kids are older, but if I had to pay a sitter, especially during month end there is no way I could make it in this business.

Reply by CF on 7/17/08 10:24am
Msg #255571

Re: ME/NJ I simply don't know how you do it.

I agree with you Julie/MI. I have to get the neighbor girl and she charges $8.00 per hour...only use her when all my free resources are busy or a free resource has been here in the AM and then need some PM coverage for a short time until husband gets home.

Babysitting is fee that can not be recoved these days!!!

Reply by LynnNC on 7/17/08 12:44pm
Msg #255595

I charge $45 - $50, but don't take one more than 10 miles away, so, the total time spent is an hour or less. I figure if I can make a minimum of $35 an hour in this business, I am doing OK.